A trademark is any unique expression related to a product or service that distinguishes it from others. This expression could be a word, slogan, photograph, logo, graphic, colour combination, sound or even smell; however, most businesses are only looking for a brand name registration or logo registration. Owners of trademarks have exclusive rights to their use under the categories they are registered in (there are a total of 45 categories, called classes).
A registered trademark is an intangible asset or intellectual property for a business and is used to protect the company’s investment in the brand or symbol. A trademark is registrable if it is distinctive for the goods and services you provide. Proposed trademarks that are similar or identical to an existing registered trademark cannot be registered. Also, trademarks are not registrable if it is offensive, generic, deceptive, not distinctive, contains specially protected emblems, etc
Trademark registration enables owners to easily establish their right to the trademark in court and earn royalties. It also deters piracy and prevents similar company names from being registered by other businesses. You can conduct a trademark search, to check if your brand name clashes with existing trademarks. In India, you could get a ™ within three days, but it takes up to two years for it to be registered so that you can use the ® symbol.
If you believe your registered trademark is being infringed, it is easy to establish your right to it in court. If you haven’t registered the word, slogan or logo, you would not be able to do so. Particularly in sectors in which piracy is rampant, trademark registration is essential.
Brand value is derived when the company has absolute right over brand name through trademark protection.Registering your trademark is the first step toward ensuring this. The court would then stop any similar words/slogans from being registered.
A trademark is an intangible asset that can be enormously valuable, should your brand succeed. Trademark can be rented and royalty can be earned under licensing agreement. Franchising model solely depends upon trademark licensing and transfer.